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Zorlu Enerji Elektrik Uretim AS (ZOREN) fair value: what the stock is really worth

We calculate from audited financials what Zorlu Enerji Elektrik Uretim AS is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Utilities · TR · ISIN TRAZOREN91L8

ZE Thin data Sep 13, 2026

Zorlu Enerji Elektrik Uretim AS

ZOREN · IS

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 2.33 TRY · Fairly valued (−8%)
!Quality 15/100
!Expensive Growth (revenue 5y +33.4 %/yr)
!Loss-making · -39.3% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (3/10)
!Narrow moat 3/100
!Evidence only low, so the estimate is less certain
!The models disagree: range 2.33 TRY to 5.48 TRY
!Weak on valuation: 23 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

7.01 TRY 0.8719 TRY Fair Value 2.33 TRY Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range 0.8719 TRY – 7.01 TRY · fair‑value band 2.33 TRY – 5.48 TRY · the 2.52 TRY price screens above the 2.33 TRY fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Zorlu Enerji Elektrik Üretim A.S., together with its subsidiaries, engages in the trading, distribution, retailing, and sales of electricity in Turkey and internationally.

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Zorlu Enerji Elektrik Üretim A.S., together with its subsidiaries, engages in the trading, distribution, retailing, and sales of electricity in Turkey and internationally. It is also involved in wholesale purchase of electrical energy and capacity and sales activities; engineering and consultancy activities for energy projects; operation and maintenance activities for energy projects and other; maintenance, repair, installation, and sale of charging stations; rental, leasing and other services of motorized light land vehicles and cars without adrives; aggregation, balancing service and other services; solar panel production and inverter sales; carbon selling; and panel production. Zorlu Enerji Elektrik Üretim A.S. was founded in 1993 and is based in Istanbul, Turkey.

Stock analysis

Zorlu Enerji Elektrik Uretim AS (ZOREN) currently trades at 2.52 TRY, while our model-based Fair Value estimate is 2.33 TRY, implying the stock looks roughly 8.2% fairly valued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 7.71 TRY per share, and 2 of the 4 models we run sit above the 2.52 TRY price.

Bear case: the Multiples group reads lowest at 4.59 TRY, and 2 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 2.33 TRY (bear) to 5.48 TRY (bull), the price of 2.52 TRY sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 15/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Zorlu Enerji Elektrik Uretim AS reported revenue of 36.2B TRL in FY2025 versus 11.6B TRL in FY2021, a compound +32.8%/yr. Reported net income was −14.7B TRL in FY2025.

Key figures

Market cap 12.6B TRY (≈ $260M) · P/S ratio 0.34 · EPS (TTM) −2.68 TRY · Dividend yield 0.0% · Net margin −40.6% · Return on equity −21.7% · Return on assets (EBIT) 4.2% · Operating margin −11.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 43% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −10% fair-value upside, at −8%, ZOREN screens cheaper than that median.

Fair Value models

Bear 2.33 TRY Fair Value 2.33 TRY Bull 5.48 TRY
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM 0.0100 TRY 0.0100 TRY 0.0200 TRY 67
DDM Multi-Stage 0.0100 TRY 0.0100 TRY 0.0100 TRY 67
EV/EBITDA 1.44 TRY 4.59 TRY 7.74 TRY 61
All 4 models by family
Dividend Discount
Gordon GGM 0.0100 TRY 0.0100 TRY 0.0200 TRY 67
DDM Multi-Stage 0.0100 TRY 0.0100 TRY 0.0100 TRY 67
Multiples
EV/EBITDA 1.44 TRY 4.59 TRY 7.74 TRY 61
Asset-Based
NCAV (Graham) 5.76 TRY 7.71 TRY 11.51 TRY 54

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Quality Score breakdown

Overall quality 15/100

Of which business quality 19 · Market factors (momentum, volatility) 32

Profitability 3
Margins and returns on capital today
Quality Growth 7
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 47
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−6.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.4%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−31.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
19.8% (2020) → 0.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Zorlu Enerji Elektrik Uretim AS with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 210 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 15 · Bottom 25%
Fair Value upside −1% · Above median
Profitability
Return on assets 0% · Below median
Net margin (TTM) −39% · Bottom 25%
Operating margin (TTM) −11% · Bottom 25%
Growth and dividend
Revenue growth −26% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.78× · Above median

Valuation Multiplesvs Utilities - Renewable median · lower = cheaper

EV/EBITDA 8.2× · Cheaper than median
PEG 0.30× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)23 · sector 16
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 12
HEALTH (low debt)61 · sector 68
DIVIDEND (yield)0 · sector 48

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥28.45 ¥31.30 +10%
Ørsted A/S ORSTED kr 135.35 kr 31.40 −77%
Huaneng Lancang River Hydropower Inc 600025 ¥9.83 ¥5.41 −45%
Adani Green Energy Limited ADANIGREEN ₹1,281 ₹169.61 −87%
AXIA Energia SA AXIAP $10.74 $9.63 −10%
VERBUND AG VER €60.40 €55.03 −9%
BEP BEP $30.39 $70.40 +132%
BEPUN BEPUN C$42.13 C$42.46 +1%
Fortum Oyj FORTUM €23.99 €13.55 −44%
China Longyuan Power Group 001289 ¥15.18 ¥7.55 −50%

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Zorlu Enerji Elektrik Uretim AS · Fair Value
2.33 TRY −8%Fair Value
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Cite: Fair Value Calculator (2026). "Zorlu Enerji Elektrik Uretim AS Fair Value". https://www.fairvalue-calculator.com/stock/ZOREN

Frequently asked questions

Is Zorlu Enerji Elektrik Uretim AS (ZOREN) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 2.33 TRY versus a price of 2.52 TRY, about −8% upside (fairly valued).
What is the fair value of ZOREN?
Our model-based fair value for Zorlu Enerji Elektrik Uretim AS is 2.33 TRY (as of Sep 13, 2026), built from audited fundamentals. The current price: 2.52 TRY.
What is the quality score of ZOREN?
Zorlu Enerji Elektrik Uretim AS has a Quality Score of 15/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Our model-based price target is the fair value of 2.33 TRY (as of Sep 13, 2026) from 4 valuation models. Cautious scenario 2.33 TRY, optimistic scenario 5.48 TRY. It is a calculation from audited fundamentals, not an analyst target.
What is the Zorlu Enerji Elektrik Uretim AS stock forecast for 2026?
Our models put fair value at 2.33 TRY, about −8% upside versus a price of 2.52 TRY (fairly valued). Cautious scenario 2.33 TRY, optimistic scenario 5.48 TRY. The calculation is refreshed regularly with new filings.
What is the revenue of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Zorlu Enerji Elektrik Uretim AS reported trailing-twelve-month revenue of about 34.1B TRY (latest available figure, as of Sep 13, 2026).
Does Zorlu Enerji Elektrik Uretim AS pay a dividend?
Zorlu Enerji Elektrik Uretim AS currently shows a dividend yield of about 0.03% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zorlu Enerji Elektrik Uretim AS it is 2.33 TRY per share (as of Sep 13, 2026), against a price of 2.52 TRY. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Zorlu Enerji Elektrik Uretim AS stock overvalued or undervalued in 2026?
As of Sep 13, 2026, ZOREN trades above its calculated fair value: price 2.52 TRY, fair value 2.33 TRY, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZOREN?
No. The price is what the market pays today (2.52 TRY); the fair value is what the company's own numbers justify (2.33 TRY). For Zorlu Enerji Elektrik Uretim AS the two are 0.1900 TRY per share apart. That gap is exactly why we show both numbers side by side.
How much is Zorlu Enerji Elektrik Uretim AS worth?
The market values Zorlu Enerji Elektrik Uretim AS at about 12.6B TRY (market capitalisation, as of Sep 13, 2026). Per share that is 2.52 TRY; our models calculate a fair value of 2.33 TRY per share.
What do the bullish and bearish scenarios say about ZOREN?
Our models span a range for Zorlu Enerji Elektrik Uretim AS: cautious scenario 2.33 TRY, base 2.33 TRY, optimistic 5.48 TRY per share (as of Sep 13, 2026, price 2.52 TRY). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ZOREN?
The PEG ratio of Zorlu Enerji Elektrik Uretim AS is 0.30 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Balance-sheet figures for Zorlu Enerji Elektrik Uretim AS (as of Sep 13, 2026): return on equity −21.7%, debt of 0.78 per unit of equity. They feed the Quality Score of 15/100, which measures business quality independently of the share price.
How far is ZOREN from its 52-week high?
Zorlu Enerji Elektrik Uretim AS trades at 2.52 TRY, about 43% below its 52-week high of 4.43 TRY and 10% above the low of 2.30 TRY (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 2.33 TRY is for.
Which stocks are comparable to Zorlu Enerji Elektrik Uretim AS?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Adani Green Energy Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zorlu Enerji Elektrik Uretim AS stock attractive at the current price?
The data as of Sep 13, 2026: price 2.52 TRY, calculated fair value 2.33 TRY (−8%), Quality Score 15/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZOREN calculated?
We run Zorlu Enerji Elektrik Uretim AS through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2.33 TRY, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6 % above its aggregate fair value. Zorlu Enerji Elektrik Uretim AS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The closing price on Sep 15, 2026 was 2.52 TRY. Our model-based fair value is 2.33 TRY, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zorlu Enerji Elektrik Uretim AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (2.33 TRY to 5.48 TRY) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Zorlu Enerji Elektrik Uretim AS

How large is the market capitalisation of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The market capitalisation of Zorlu Enerji Elektrik Uretim AS is 12.6B TRY (≈ $260M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The price-to-sales ratio of Zorlu Enerji Elektrik Uretim AS is 0.34 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Earnings per share at Zorlu Enerji Elektrik Uretim AS are −2.68 TRY. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The dividend yield of Zorlu Enerji Elektrik Uretim AS is 0.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The net margin of Zorlu Enerji Elektrik Uretim AS is −40.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The return on equity (ROE) of Zorlu Enerji Elektrik Uretim AS is −21.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
On an EBIT basis the return on assets of Zorlu Enerji Elektrik Uretim AS is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zorlu Enerji Elektrik Uretim AS (ZOREN)?
The operating margin of Zorlu Enerji Elektrik Uretim AS is −11.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Revenue at Zorlu Enerji Elektrik Uretim AS is growing −25.9% versus a year earlier (3y avg +6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zorlu Enerji Elektrik Uretim AS (ZOREN)?
Earnings per share at Zorlu Enerji Elektrik Uretim AS are growing −57.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zorlu Enerji Elektrik Uretim AS (ZOREN) generate?
The free cash flow of Zorlu Enerji Elektrik Uretim AS is −650M TRY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zorlu Enerji Elektrik Uretim AS (ZOREN) carry?
The net debt of Zorlu Enerji Elektrik Uretim AS is 51.4B TRY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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